Want your own customized Top Level Domain Name (gTLD) instead of going with a common one like .com, .org, or .net? Well, it could be happening soon, and, you only need a spare $185k, or so. Less, if you’re lucky enough to live in a developing country. Or, maybe not, lucky, that is.

According to a recent press release, ICANN is currently working on an application initiative where interested parties can apply to create their very own Top Level Domain Name (.whatever), also called gTLD’s, using whatever they’d like for a mere $185 thousand dollar application fee.

There is a significant price cut if you happen to be from a developing nation. This smaller price applies only if the application pertains to someone who can’t afford the $185,000 fee (presumably those in developing countries). That price is only $47,000.

On February 8, ICANN announced it was seeking volunteers to help with the flood of new applications from people in the developing countries for the discounted part of the application process. Volunteer selections will be based on both experience and backgrounds in areas such as business plan analysis, domain registry management, developing economies, small business operations and more.

“These volunteers will be key to ICANN’s effort to assure that the less-developed parts of the world are able to participate in the new Domain name program. The panel members will make a real impact in ensuring that the opportunities for innovation and economic development created by the Internet are open to everyone.” – ICANN Senior VP Kurt Pritz

ICANN initially approved the application process for customized gTLDs in June. In January 2012, the Internet authority said that the process was moving along “without a hitch,” with ICANN CEO Rod Beckstrom stating, “I can state firmly that one week into the process, the application system for the new domain names is functioning just as it should.” Meanwhile, the initiative is expected to continue until April of 2012.